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How the DOL Rule Affects You as an Advisor

If you truly want to act in the best interest of your clients, then it’s important that you know how the DOL fiduciary rule will affect you as an advisor. The fiduciary standard provides the highest level of ethical guidelines for financial professionals to follow. The new fiduciary rule, implemented by the U.S. Department of Labor, require anyone advising clients on their retirement assets to meet the fiduciary standard. The new rule will begin next April; therefore, if it makes you feel uneasy and apprehensive about your future, then you need to adopt the practices associated with the fiduciary standard or join a firm that already follows those principles. There are financial recruiting firms that have a great understanding of how the rule may impact your current business, or transition to a new firm. Further, given the upcoming impact, here are a few ways the DOL rule will affect advisors and why now is the right time to call a financial services recruiter or headhunter.

Be Mindful of the Investment Advice You Give

Financial advisors will be impacted in different ways by DOL fiduciary rule changes, which will be phased in over the next 18 months. The rule enforces a strict fiduciary standard for all retirement accounts and products. The rule could also put sizable amounts of assets into play as the compliance requirements and legal liability risks make servicing small retirement accounts a challenge for some advisors and firms. Furthermore, financial advisor jobs will undergo significant changes starting next year; some will be positive because the compliance changes associated with the new DOL fiduciary rule will favor some structures used by many firms. If you want to learn how these changes can benefit you directly, contact a reputable financial services recruiter or headhunter in Chicago to see what opportunities are out there. These financial services recruiters are prepared to advice financial advisors and place them with companies that are changing the way they do business as it relates to specifically retirement accounts affected by the new DOL rule. The best financial services headhunters are hard at work making sure they find the best advisors to meet the financial and legal needs of clients and abide by all regulations.

The Client’s Interest Is Your Primary Concern

As a financial advisor, your client’s interests are extremely important to you. If you’re looking for a firm that treats clients as you do, and understands your needs, then you should work with a headhunter in Chicago to help you with your financial services recruiting search. The best financial services recruiters will put your interests first as well, and find the best company to match your needs. While many financial services companies already use responsible fiduciary standards to manage their clients’ investments, the growing importance of the DOL rule and its impact will require a knowledgeable and sophisticated headhunter who understands the changes intimately. Your clients are counting on you to provide retirement advice that is pure and sound, and that is in their best interest contract (BIC) … choose a new firm that understands this and will support you through the imminent DOL fiduciary rule changes.

Find a Financial Advisor Recruiter Today That Understands Your Business

When you’re looking for financial advisor recruiting firms, you’ll want to ensure that they understand the rules that apply to your business specifically. The DOL rule is designed to protect retirement plans, IRA’s, and the beneficiaries and participants of the plan. The best at recruiting financial advisors know the firms that are adjusting to these changes successfully, and are working with them to hire the best stock brokers, financial advisors and retirement planners. With the new changes, there will be shifting in the way many do business. Therefore, it’s important that you have a quality Chicago financial recruiter on your side to guide you through your transition. This is an excellent time to gather as much information as possible about how the new DOL rule changes will impact your business, and to find the best financial services recruiting firm in Chicago to support you.

About Michael A. Terrana

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